Few weeks ago, the man at the helm of Lloyds, Mr. Antonio Horta-Osorio, gave up entitlement to a bonus of £2.4 million. That is admirable.
Today when I hear about the bonuses being dished out to other bankers, I feel sorry for them. On top of their million-pound pay, do they really need the bonuses which don't make sense? For example, RBS was bailed out by the Taxpayer, i.e. the Exchequer, to the tune of 45 Billion Pounds. The Project Merlin agreement the government had with them was to lend to the Small and Medium businesses. That agreement has not been fulfilled. While small and medium sized businesses, starved of working capital, have stood still or closed due to this, how can the performance be merited as satisfactory and deserving of a reward?
There is no lack of talent in Britain. Talent whose performance is of merit should be rewarded. When I hear of so many companies going into administration, I wonder what is going on in Britain.
I would be pleased to hear your response.